Based on the data from the Chinese Thousand Village Survey (CTVS), this paper discusses the main impact and mechanism of the subjective well-being of rural entrepreneurs on enterprise innovation behavior.The conclusions are that: First, the subjective well-being of rural entrepreneurs can effectively improve the innovation level of enterprises. Second, the subjective well-being of rural entrepreneurs can promote the improvement of innovation level by stimulating enterprises to fulfill their corporate social responsibilities (CSR). Third, the promotion effect of subjective well-being of rural entrepreneurs on enterprise innovation does not differ significantly due to the different types, regions and industries of innovation, but the impact of the subjective well-being of male entrepreneurs on the innovation level is more prominent than that of female entrepreneurs. Fourth, the conduction effect of CSR fulfillment between the subjective well-being of rural entrepreneurs and the innovation level is different due to innovation type, region and industry.

The implications are that: First, enhancing the subjective well-being of rural entrepreneurs will help rural entrepreneurs establish an innovative thinking of actively seeking change. Second, rural entrepreneurial enterprises should actively fulfill their CSR to obtain the resource support of stakeholders, so as to promote the innovation and development of enterprises. Third, the government should pay ample attention to the subjective feelings of rural entrepreneurs, actively play the guiding role, and create a better business environment for the development of rural enterprises.

The contributions are that: First, from the perspective of the expansion and construction of positive emotions, this paper examines the incentive effect of the subjective well-being of rural entrepreneurs on enterprise innovation, which provides a new perspective for the development of entrepreneurial enterprises. Second, previous studies pay more attention to the impact of tangible material resources on innovation behavior, while this paper discusses the impact on enterprise innovation from the perspective of entrepreneur psychological resources, which provides an important research supplement for the innovation driving factors of entrepreneurial enterprises.